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Mid-Month Report Points to a Cooling Condo Market

Greater Toronto REALTORS® reported 4,597 sales through the first 14 days of June – a result that was on par with the strong sales activity reported in the June 2011 mid-month release.

The average selling price for transactions during the first two weeks of June was $516,834 – up by over eight per cent compared to the average of $477,025 reported for the first two weeks of June 2011.

While total sales were flat on a year-over-year basis, sales of condominium apartments declined by 13% in Toronto and 15% in the 905 areas. Sale of condo apartments as a percentage of total sales was 18% in the first two weeks of June, down from the 23.4% in the same period last year.

In comparison, demand for detached homes remained strong with sales of detached homes went up to 52% of the total home sales in the GTA, compared to 47.5% in the same period last year.

In Toronto, sales of condo apartments declined to 33.6% of total home sales from 40.5% last year, while sales of detached homes went up to 42% from 34%, reversing the trend seen in recent years where more condos were sold than detached homes.

The total number of new listings entered into theTorontoMLS system was up by 16 per cent to 8,382, but market remains tight for low rise homes across the region.

In Toronto, strong demand for detached homes has resulted in a tighter market, as indicated by the higher Sales-to-New-Listings Ratio in the first two weeks of June compared to May. As a result, competition and bidding wars among buyers continued, pushing up average price by 9% from a year earlier.

“The annual rate of price growth remains very high in the GTA. Increased listings will result in more balanced market conditions over the next year, but it will take some time before price growth will moderate to a more sustainable pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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